Titan Energy Worldwide Signs Agreement to Acquire Florida Power Generation Sales and Service Company
Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in the manufacturing, marketing and servicing of energy generation products and services, announced today that it has signed a definitive agreement to acquire CJ’s Sales and Service of Ocala, Inc., an established representative for power generation equipment in central and northern Florida.
CJ’s Sales and Service, founded in 1971, provides power generation sales and service throughout Northern Florida. CJ’s territory includes the markets of Tampa, Orlando, Jacksonville and Tallahassee, Florida. For the fiscal year 2007, the company generated $4.4 million in sales revenues. Among the company’s many customers are Winn Dixie Supermarkets and Brighthouse Cable Company. The Company expects to close this acquisition in September of 2008.
John Tastad, Chief Executive Officer of Titan Energy Worldwide, stated, “We are pleased to announce the signing of the final agreement to acquire CJ’s Sales and Service, a company with a long record of excellence in the Florida market. This acquisition, we anticipate, will increase overall company revenues by as much as 50% and launches acquisition strategy to build a national energy company.
“Florida is a key part of our growth strategy as it represents a $150 million market for power generation. Florida is the fourth largest state in terms of population and continues to be one of the most rapidly growing states in the nation, a market driver for emergency power systems. A region frequented by hurricanes and storms, Florida’s legislation mandates critical services be equipped with backup power systems. The 2006 Emergency Management Plan issued by the State of Florida set aside $53 million for power generation in public shelters throughout Florida.
“I am confident that Titan’s management can positively impact CJ’s business and achieve successful results as we did with the Stellar acquisition. With Stellar we were able to achieve double digit sales growth with significant improvement to net income. We are plan to build on CJ’s 35 years of strong customer relationships, experienced staff and robust marketplace to create what we expect will be a top performing subsidiary for Titan Energy.
“Our plans for growth and expansion will not stop here. This is our first step as we continue to pursue additional opportunities in Florida and throughout the country while tripling our growth in the coming years. This acquisition is our first important step towards achieving our goals of a strong national energy company,” Tastad added.
About Titan Energy Worldwide, Inc.
Titan Energy is a leader in the manufacturing, marketing and servicing of energy generation products and services, including development and support for new energy-related technology. Founded in 2005, Titan combines engineering expertise, established sales and distributorships, service operations and unique strategic partnerships to meet the growing global demand for clean, efficient, energy solutions. Titan serves disaster recovery first responders, relief agencies, homeland security, the department of defense and municipalities. For more information, visit the company’s website at: www.titanenergy.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,”"anticipates,”"intends,”"plans,”"expects,” and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.
For more information about Titan Energy Worldwide please contact: Julie Kane Titan Energy Worldwide, Inc. 248-446-8557 Email Contact
SOURCE: Titan Energy Worldwide